New Delhi: As both nations go into what may be the last round of discussions for a bilateral trade agreement (BTA), senior Commerce Ministry officials said that India wants preferential access to the US market over its Asian rivals.
The talks take place ahead of the anticipated introduction of new US tariffs under Section 301, a trade statute that permits Washington to levy taxes on imports that are thought to be detrimental to American businesses. The temporary 10% global tariff established under Section 122 is scheduled to expire on July 24, which has exacerbated the urgency.
According to officials, India’s main goal is to give its exports a competitive edge over products from Southeast Asian countries, rather than just obtaining lower tariff rates. According to reports, New Delhi has stated unequivocally that it will not grant any tariff concessions until Indian goods are granted preferential market access in the US.
Commerce and Industry Minister Piyush Goyal stated that negotiations on the first tranche of the accord are virtually complete, while discussions for a broader trade pact will continue. He also indicated that further meetings with US trade officials are expected later this month.
The proposed deal is in line with a framework that was unveiled earlier this year with the goal of lowering trade obstacles between the two nations. However, a number of delicate topics have continued to be discussed, such as energy purchases, trade-related restrictions, and agricultural imports.
Trade analysts highlight that Section 301 tariffs might have a bigger and more lasting impact than past tariff methods utilized by the US administration. The bill gives Washington the authority to limit market access in particular industries, suspend trade agreements, and levy tariffs.
As negotiations progress, both countries are working to finalize a deal that could significantly shape bilateral trade and investment flows in the coming years.
Source – The Indian Express
